Every small business owner has the need to create legal documents of some kind. For startups the cost of hiring a lawyer for document creation can be cost-prohibitive. Many small and solo entrepreneurs decide to just wing it and hope for the best forgoing any formal legal review. DocRun hopes to help business owners for whom formal legal document preparation is out of reach.
I had the opportunity to conduct an email interview with CEO and Founder Jennifer Reuting recently. Here's what she had to say about the inspiration behind DocRun.
Jennifer Reuting, Founder and CEO DocRun
Tell us a little about yourself... and what inspired you to create DocRun?
My entrepreneurial journey began when I was 17. I had been working for a group of investment bankers while going to school, when one morning, I found the office deserted. The investment bankers had been involved in some unsavory things, and had fled the country. At that point, I had become familiar with parts of their business, and saw an opportunity to provide incorporation and registration services. I actually used my university scholarship to buy stamps for the first direct mail campaign my new company, InCorp, launched!
Working closely with other entrepreneurs, and being an entrepreneur myself, I saw a lot of barriers to entry for everyday folks wanting to start a business. A passion developed to lower the intimidation factor for business formation (back in 2001, we spearheaded the concept of “online, low-cost formations”) and the legal gray areas surrounding it.
By 2005, I’d developed a pretty decent reputation as an expert in this space and Wiley approached me about writing Limited Liability Companies for Dummies (now in its 2nd edition and the best-selling legal guide on Amazon). This further entrenched me in my market and gave me a window to a huge pain point – namely, once an entrepreneur forms her company online, where does she go from there? If she wants to bring on investors and structure the profit allocations of her LLC in an investor-friendly way, how does she do that without the high cost of a lawyer?
This is where the concept for my newest company, DocRun, was born. When most entrepreneurs are laid off workers with only an idea and maybe $10,000 to their name, the high premium that lawyers charge for knowledge and easy contract drafting services is beyond their reach. So, I decided to build a daring new technology that democratizes this space and levels the playing field for the average Joe.
What does DocRun do?
Who can benefit most from using DocRun?
Our database of documents is geared towards small business owners and entrepreneurs. Businesses need to comply with government regulations, and its owners need to protect themselves from liability, but the contracts needed to do so are not always easy to obtain.
The introduction of our software solution will lower the barrier of entry into the small business market, by providing access to affordable and credible legal documents.
Like all automated processes, the result is only as good as what gets put into it. How does your algorithm help guard against the perils of a resulting legal document that leaves the entrepreneur exposed in ways they were not aware of ?
Although there are several other automated processes on the market, most companies have limited document-creation capabilities. Much of the industry shoves users into a one-size-fits-all format that is not always legally viable. In order for us to evolve, DocRun is organically replicating the attorney process of creating a document.
When will DocRun be available for use?
We are looking to launch in two weeks, on Sunday, 9/23/12! At that time, our software will be available to the public at www.docrun.com.
Paula Gregorowicz plucks women off the hamster wheel of overwhelm, struggle, and self-doubt and guides them to a purposeful path of building authentic and successful businesses.
Download the Free Report: Your Own Uniqueness: The Path to Purpose, Prosperity, and Playfulness at http://www.thepaulagcompany.com.
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